Waystar Holding Corp. Financials
Waystar Holding Corp. (WAY) reported $1.1B in revenue for fiscal year 2025, up 16.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash-generative software economics are becoming clearer as scale lifts operating margins, while FY2025 also shows a deal-driven balance-sheet step-up.
The jump to profitability was mainly a below-gross-profit efficiency story: gross margin stayed near68% , but operating margin widened to22.7% . Cash conversion outpaced accounting earnings, with FY2025 operating cash flow of$309.7M far above net income of$112.1M , consistent with a light capex model and sizable noncash charges.
FY2025 looks like a deal-driven expansion year: investing outflow was
The company’s financing posture is less debt-heavy than it was: debt-to-equity fell from 1.1x in FY2023 to 0.4x in FY2025, even after the asset base expanded. But near-term liquidity tightened in FY2025, with the current ratio easing to 1.4x and cash ending at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Waystar Holding Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Waystar Holding Corp. has an operating margin of 22.7%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is up from 13.1% the prior year.
Waystar Holding Corp.'s revenue surged 16.5% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 79/100.
Waystar Holding Corp. has elevated debt relative to equity (D/E of 0.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 17/100, reflecting increased financial risk.
Waystar Holding Corp.'s current ratio of 1.41 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Waystar Holding Corp. converts 25.8% of revenue into free cash flow ($283.2M). This strong cash generation earns a score of 85/100.
Waystar Holding Corp.'s ROE of 2.9% shows moderate profitability relative to equity, earning a score of 57/100. This is up from -0.6% the prior year.
Waystar Holding Corp. scores 1.82, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($1.9B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Waystar Holding Corp. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Waystar Holding Corp. generates $2.76 in operating cash flow ($309.7M OCF vs $112.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Waystar Holding Corp. generated $1.1B in revenue in fiscal year 2025. This represents an increase of 16.5% from the prior year.
Waystar Holding Corp.'s EBITDA was $389.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.6% from the prior year.
Waystar Holding Corp. reported $112.1M in net income in fiscal year 2025. This represents an increase of 686.9% from the prior year.
Waystar Holding Corp. earned $0.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 569.2% from the prior year.
Cash & Balance Sheet
Waystar Holding Corp. generated $283.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 98.7% from the prior year.
Waystar Holding Corp. held $61.4M in cash against $1.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Waystar Holding Corp.'s gross margin was 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Waystar Holding Corp.'s operating margin was 22.7% in fiscal year 2025, reflecting core business profitability. This is up 9.6 percentage points from the prior year.
Waystar Holding Corp.'s net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.
Waystar Holding Corp.'s ROE was 2.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Capital Allocation
Waystar Holding Corp. invested $54.6M in research and development in fiscal year 2025. This represents an increase of 12.0% from the prior year.
Waystar Holding Corp. repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Waystar Holding Corp. invested $26.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.9% from the prior year.
WAY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B+16.5% | $943.5M+19.3% | $791.0M+12.2% | $704.9M |
| Cost of Revenue | $372.5M | $348.2M+10.3% | $315.7M+26.4% | $249.8M+16.2% | $214.9M |
| Gross Profit | $833.2M | $751.1M+19.6% | $627.8M+16.0% | $541.2M+10.5% | $490.0M |
| R&D Expenses | $67.0M | $54.6M+12.0% | $48.8M+38.0% | $35.3M+7.7% | $32.8M |
| SG&A Expenses | $143.2M | $128.6M+15.1% | $111.8M+77.6% | $62.9M-13.9% | $73.1M |
| Operating Income | $275.8M | $249.3M+101.5% | $123.7M-12.9% | $142.1M+58.8% | $89.5M |
| Income Tax | $60.3M | $59.7M+1844.9% | -$3.4M+72.6% | -$12.5M+13.3% | -$14.4M |
| Net Income | $134.8M | $112.1M+686.9% | -$19.1M+62.8% | -$51.3M+0.2% | -$51.5M |
| EPS (Diluted) | — | $0.61+569.2% | -$0.13+69.0% | -$0.420.0% | -$0.42 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WAY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $5.8B+26.4% | $4.6B-0.1% | $4.6B | N/A |
| Current Assets | $308.4M-16.9% | $371.0M+67.1% | $222.1M | N/A |
| Cash & Equivalents | $61.4M-66.3% | $182.1M+411.9% | $35.6M-44.9% | $64.6M |
| Accounts Receivable | $177.0M+21.9% | $145.2M+15.2% | $126.1M | N/A |
| Goodwill | $4.0B+33.0% | $3.0B-0.3% | $3.0B+0.7% | $3.0B |
| Total Liabilities | $1.9B+27.3% | $1.5B-40.9% | $2.5B | N/A |
| Current Liabilities | $218.1M+49.7% | $145.6M+17.9% | $123.5M | N/A |
| Long-Term Debt | $1.5B+19.5% | $1.2B-44.5% | $2.2B | N/A |
| Total Equity | $3.9B+25.9% | $3.1B+50.2% | $2.0B-2.7% | $2.1B |
| Retained Earnings | -$108.8M+50.7% | -$220.9M-9.5% | -$201.8M | N/A |
Not reported in any period shown, so not listed: Inventory.
WAY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | $293.0M | $309.7M+82.4% | $169.8M+229.9% | $51.5M-49.9% | $102.6M |
| Capital Expenditures | $46.7M | $26.5M-2.9% | $27.3M+26.7% | $21.5M+23.4% | $17.4M |
| Free Cash Flow | $246.3M | $283.2M+98.7% | $142.5M+375.9% | $29.9M-64.9% | $85.2M |
| Investing Cash Flow | -$801.3M | -$680.9M-2397.1% | -$27.3M+55.7% | -$61.5M-252.9% | -$17.4M |
| Financing Cash Flow | $242.2M | $243.4M+1361.8% | $16.7M+197.1% | -$17.2M+74.4% | -$67.1M |
| Share Buybacks | N/A | $0-100.0% | $844K+22.7% | $688K-72.0% | $2.5M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
WAY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 68.3%+1.8pp | 66.5%-1.9pp | 68.4%-1.1pp | 69.5% |
| Operating Margin | 22.7%+9.6pp | 13.1%-4.9pp | 18.0%+5.3pp | 12.7% |
| Net Margin | 10.2%+12.2pp | -2.0%+4.5pp | -6.5%+0.8pp | -7.3% |
| Return on Equity | 2.9%+3.5pp | -0.6%+1.9pp | -2.5%-0.1pp | -2.4% |
| Return on Assets | 1.9%+2.4pp | -0.4%+0.7pp | -1.1% | N/A |
| Current Ratio | 1.41-1.1x | 2.55+0.7x | 1.80 | N/A |
| Debt-to-Equity | 0.380.0x | 0.40-0.7x | 1.07 | N/A |
| FCF Margin | 25.8%+10.7pp | 15.1%+11.3pp | 3.8%-8.3pp | 12.1% |
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Where Waystar Holding Corp. Ranks
Frequently Asked Questions
What is Waystar Holding Corp.'s annual revenue?
Waystar Holding Corp. (WAY) reported $1.1B in total revenue for fiscal year 2025. This represents a 16.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Waystar Holding Corp.'s revenue growing?
Waystar Holding Corp. (WAY) revenue grew by 16.5% year-over-year, from $943.5M to $1.1B in fiscal year 2025.
Is Waystar Holding Corp. profitable?
Yes, Waystar Holding Corp. (WAY) reported a net income of $112.1M in fiscal year 2025, with a net profit margin of 10.2%.
What is Waystar Holding Corp.'s EBITDA?
Waystar Holding Corp. (WAY) had EBITDA of $389.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Waystar Holding Corp. have?
As of fiscal year 2025, Waystar Holding Corp. (WAY) had $61.4M in cash and equivalents against $1.5B in long-term debt.
What is Waystar Holding Corp.'s gross margin?
Waystar Holding Corp. (WAY) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Waystar Holding Corp.'s operating margin?
Waystar Holding Corp. (WAY) had an operating margin of 22.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Waystar Holding Corp.'s net profit margin?
Waystar Holding Corp. (WAY) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Waystar Holding Corp.'s return on equity (ROE)?
Waystar Holding Corp. (WAY) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Waystar Holding Corp.'s free cash flow?
Waystar Holding Corp. (WAY) generated $283.2M in free cash flow during fiscal year 2025. This represents a 98.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Waystar Holding Corp.'s operating cash flow?
Waystar Holding Corp. (WAY) generated $309.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Waystar Holding Corp.'s total assets?
Waystar Holding Corp. (WAY) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Waystar Holding Corp.'s capital expenditures?
Waystar Holding Corp. (WAY) invested $26.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Waystar Holding Corp. spend on research and development?
Waystar Holding Corp. (WAY) invested $54.6M in research and development during fiscal year 2025.
What is Waystar Holding Corp.'s current ratio?
Waystar Holding Corp. (WAY) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.
What is Waystar Holding Corp.'s debt-to-equity ratio?
Waystar Holding Corp. (WAY) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Waystar Holding Corp.'s return on assets (ROA)?
Waystar Holding Corp. (WAY) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Waystar Holding Corp.'s Altman Z-Score?
Waystar Holding Corp. (WAY) has an Altman Z-Score of 1.82, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Waystar Holding Corp.'s Piotroski F-Score?
Waystar Holding Corp. (WAY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Waystar Holding Corp.'s earnings high quality?
Waystar Holding Corp. (WAY) has an earnings quality ratio of 2.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Waystar Holding Corp.?
Waystar Holding Corp. (WAY) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.